Tsakos Energy Navigation Limited (TEN) financial statements
Tsakos Energy Navigation Limited reported revenue of $799M in fiscal 2025, up 5.8% a year over 9 years.
Net income was $161M and the operating margin 31.6%, against 18.6% in 2016.
Free cash flow was -$5M, and the company returned $60M in dividends.
The diluted share count fell 65% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Tsakos Energy Navigation Limited's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $482M | $529M | $530M | $597M | $644M | $546M | $860M | $890M | $804M | $799M |
| Selling, general and admin | $26M | $26M | $27M | $28M | $29M | $29M | $30M | $33M | $45M | $42M |
| Operating income | $90M | $63M | -$28M | $86M | $97M | -$120M | $256M | $391M | $279M | $252M |
| Interest expense | $37M | $62M | $72M | $69M | $50M | $39M | $55M | $102M | $113M | $94M |
| Net income | $56M | $8M | -$99M | $15M | $24M | -$151M | $204M | $300M | $176M | $161M |
| EPS (diluted) | $0.47 | -$0.19 | -$7.63 | -$1.58 | -$0.80 | -$9.53 | $6.01 | $9.04 | $5.03 | $4.45 |
| Diluted shares | 85M | 85M | 17M | 18M | 19M | 20M | 28M | 30M | 30M | 30M |
| Operating margin | 18.6% | 12.0% | -5.3% | 14.4% | 15.0% | -21.9% | 29.8% | 44.0% | 34.6% | 31.6% |
| Net margin | 11.6% | 1.4% | -18.7% | 2.5% | 3.7% | -27.7% | 23.7% | 33.7% | 21.9% | 20.1% |
Balance sheet
Fiscal years, from Tsakos Energy Navigation Limited's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $188M | $190M | $205M | $185M | $160M | $117M | $304M | $372M | $343M | $293M |
| Receivables | $38M | $27M | $35M | $40M | $25M | $31M | $78M | $47M | $26M | $41M |
| Inventory | $19M | $16M | $20M | $13M | $22M | $23M | $26M | $23M | $19M | $13M |
| Total current assets | $358M | $304M | $318M | $397M | $321M | $240M | $513M | $509M | $452M | $435M |
| Property, plant and equipment | $2.7B | $3.0B | $2.8B | $2.6B | $2.6B | $2.4B | $2.6B | $2.6B | $2.9B | $3.2B |
| Total assets | $3.3B | $3.4B | $3.2B | $3.2B | $3.1B | $2.9B | $3.3B | $3.4B | $3.7B | $4.0B |
| Total current liabilities | $393M | $339M | $254M | $354M | $382M | $332M | $370M | $323M | $409M | $458M |
| Long-term debt | $1.5B | $1.5B | $1.4B | $1.3B | $1.3B | $1.2B | $1.2B | $1.2B | $1.4B | $1.5B |
| Total liabilities | $1.9B | $1.9B | $1.7B | $1.7B | $1.7B | $1.6B | $1.8B | $1.7B | $1.9B | $2.1B |
| Shareholders' equity | $1.4B | $1.5B | $1.5B | $1.5B | $1.4B | $1.2B | $1.5B | $1.6B | $1.7B | $1.8B |
| Net debt | $1.6B | $1.6B | $1.4B | $1.3B | $1.3B | $1.3B | $1.1B | $1.0B | $1.3B | $1.5B |
Cash flow
Fiscal years, from Tsakos Energy Navigation Limited's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $170M | $171M | $74M | $184M | $205M | $53M | $289M | $395M | $308M | $298M |
| Capital spending | — | — | — | — | — | $6M | $302M | $164M | $490M | $302M |
| Free cash flow | — | — | — | — | — | $47M | -$13M | $232M | -$182M | -$5M |
| Stock-based compensation | $510,000 | $487,000 | $0 | $0 | — | — | $0 | $0 | $8M | $7M |
| Dividends paid | $40M | $40M | $44M | $49M | $47M | $36M | $44M | $62M | $72M | $60M |
| Share buybacks (net) | -$21M | $0 | $0 | — | — | — | — | — | — | — |
| Net borrowing | $366M | -$3M | -$156M | -$63M | -$35M | -$129M | $207M | -$15M | $185M | $173M |
| Free cash flow margin | — | — | — | — | — | 8.7% | -1.5% | 26.0% | -22.6% | -0.6% |
| Dividends per share | $0.48 | $0.47 | $2.55 | $2.78 | $2.49 | $1.85 | $1.55 | $2.10 | $2.43 | $2.02 |
Questions
What was Tsakos Energy Navigation Limited's revenue in 2025?
$799M in fiscal 2025, from its 10-K filing.
How much free cash flow does Tsakos Energy Navigation Limited generate?
-$5M in fiscal 2025 (operating cash flow minus capital spending).
From Tsakos Energy Navigation Limited's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.